Measuring and communicating whether your project team is ahead of or behind schedule every week is key to labor productivity.
Instead of percent complete, FMI Corporation recommends measuring progress in terms of hours against specific cost codes (activities). And, creating an easy-to-understand dashboard where your team can see progress on a weekly basis.
This tool includes:
1) An example of an excel sheet with formulas to calculate your progress vs. projections
Note: Earned hours show how productive the field is for each cost code or activity.
Earned Hours = Percent Complete x Budgeted Hours
If earned hours are <1, you are behind on budgeted production
If earned hours are >1, you are ahead of budgeted production
2) An example of user-friendly report format that you can show project teams each week to help them visualize progress
